South Korea Backs Blockchain Projects with $383M Funding

Asia Blockchain Review

The South Korean government has revealed that it is setting aside a fund of US$383 million to drive blockchain research projects by domestic companies over the next six years.

Driving Seoul-Led Blockchain Research

According to Cryptonews, the Ministry of Science and ICT has announced its latest initiative to grant funds for developing original blockchain technology in the country.

The ministry disclosed that the government is keen to implement blockchain technology in order to enable a “data-driven economy.”

A source within the government said that decentralized technology can “help create a base of trust for data sharing,” while the government is working on overcoming “data trust problems in order to activate a data-driven economy.”

The source added that the recently announced funding was not aimed at driving South Korea to become “the world’s leading blockchain nation,” but is instead a push to drive economic development in the country using blockchain technology.

Moreover, the South Korean government will be focusing on enhancing the reliability of smart contracts, promoting cross-blockchain platform interoperability, while developing consensus algorithms with the aim of improving performance, stability, and scalability for the technology.

A Race to Register Blockchain Patents

Earlier, Japanese researchers revealed that China is ahead of any other country in registering blockchain patents. South Korean companies and government agencies are in second place, responsible for the registration of 1,150 patents from 2009 to 2018.

However, a worrying issue lies in the commercialization aspect for blockchain firms. Only 20% of all blockchain startups in the country have been able to make money from their products and services.

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Asia Blockchain Review aims to connect all blockchain enthusiasts on a regional scale, facilitating the technological underpinnings of blockchain through a range of group discussions, technical workshops, conferences and consulting programs.